Cash holdings at Berkshire Hathaway, led by Warren Buffett, reached $381.7 billion (about 546.0982 trillion won) in the third quarter of this year (July–September). This is a record high.
According to third-quarter results released by Berkshire on the 1st (local time), cash held as of the end of September was $381.7 billion. This surpassed the previous record set in the first quarter of this year at $347.7 billion.
Berkshire was a net seller of $6.1 billion in stocks in the third quarter alone and halted share buybacks for the fifth straight quarter. It is analyzed that the company is increasing cash holdings on the view that the stock market is overheated.
Meanwhile, operating profit from Berkshire's major portfolio came to $13.485 billion. That was a 34% surge from the same period last year ($10.09 billion). Net profit was tallied at $30.8 billion, up 17%.
Warren Buffett, who is 95 this year, is set to step down as Berkshire's chief executive officer at the end of the year. Starting next year, Vice Chairman Greg Abel of the non-insurance division will write the annual shareholder letter.